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The Office of Best Practice Regulation report found statutory authorities had complied but departments at the heart of government were offenders.

Treasury failed to submit compliant impact statements for six regulatory reforms, including for five changes in the government’s package of reforms to the future of financial advice. Treasury was also a major beneficiary of a big increase in “exceptional circumstances exemptions" granted by the Prime Minister.

The Prime Minister granted a 250 per cent increase in the number of exemptions to proper practice: 14, up from four in 2009-10. Half related to the response to the Henry tax review.

The Productivity Commission yesterday issued a report which argues that much regulation does not meet its goals cost-effectively and some regulation does not even adequately achieve the ends for which it was designed.

“At the more complex end, where a costly ‘cocktail’ of regulation may have emerged, substantial legislative changes may be needed," the report warns. It undermines a key Coalition policy aimed at cutting red tape, saying this would be counterproductive and generate perverse results.

A spokesman for Mr Abbott said yesterday the Coalition remained committed to the process, which would save $1 billion each year. “For small business people, less paperwork means higher profits, boosted sales and more time with the family."

The Productivity Commission says the “one-in, one-out" rule could lead agencies to act in counterproductive ways, including “stockpiling" redundant or poor regulation for future trading purposes. Mr Abbott launched the policy in his budget reply speech in May. This month he launched a deregulation taskforce to be led by former Howard adviser
Arthur Sinodinos
.

The Rudd government promised a one-in, one-out policy at the 2007 election, but failed to deliver, at one point introducing 220 new regulations for each one repealed.